Security Bank & Trust Co. Review: Personal, Business and Commercial Banking
Written by
Caitlyn Moorhead
Edited by
Melanie Grafil
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Security Bank & Trust has generations of leadership within your community to help you reach your financial goals.
Best for those looking to start a small business and want to bank with a predictable, reliable and local option. You can also find interest-bearing checking options to make your daily banking account earn more for you.
As a community-driven, locally owned and operated financial institution, the Security Bank and Trust Company team offers Minnesota comprehensive and honest banking options. Though this bank specializes in supporting entrepreneurs and small businesses it aims to curate a personalized experience for all of its customers. GOBankingRates has given it the bronze in Minnesota for Best Banks by State 2025.
Security Bank & Trust Checking Accounts
Security Bank & Trust has low-cost and straightforward checking options and accounts with competitive rates to help you grow your wealth faster. The account options include:Â
- Core Checking for basic needs
- Advantage Checking, which is interest-bearingÂ
- Premium Checking to help you earn more and save more
- Gold Checking which is available if you are 55 or older.Â
To put your Security checking experience into perspective, here are some pros and cons of the Advantage Checking account to factor in when deciding which checking account is right for you:
Best For
Banking in Minnesota
Mobile App
Low Monthly Fees
Credit Cards
Loan Options
Interest-Earning Checking Account Options
Security Bank & Trust provides a variety of checking accounts, including Advantage Checking, which combines interest-earning and affordable opening requirements to fit your needs.
Fees
$0 to $10
APY
N/A
Min Opening
$50 to $2,500
Pros
- Interest-earning
- Check images included in your bank e-statement
- Optional overdraft protection services
Cons
- $500 minimum opening deposit and daily balance requirement
- $5 service charge per statement cycle if the daily balance falls below the minimum balance requirement of $500
Quick Take
Security Bank & Trust provides different checking account options to suit any lifestyle.
Show Pros, Cons and More
Hide Pros, Cons and More
Security Bank & Trust Savings Accounts
It isn’t a high-yield savings account, but the rates can be competitive with other standard savings products. The online and mobile banking options are user-friendly, intuitive and include Mobile Deposit. Â
- Set up automatic transfers from your paycheck or other passive income to help you grow your funds and keep them on track.Â
- Only a $50 minimum balance to open the savings accountÂ
- Only a $50 minimum daily balance requirement
Best For
Banking in Minnesota
Mobile App
Low Monthly Fees
Credit Cards
Loan Options
$50 Minimum Balance
Security Bank & Trust’s Regular Savings account offers a low entry point, automatic transfer options and user-friendly digital tools to help you build your savings effortlessly.
Fees
$0 to $10
APY
Up to
Min Opening
$0 to $50
Pros
- Automatic transfers available
- Low minimum balance and daily balance needed
Cons
- $5 service charge per month if your daily balance falls below $50
- No high-yield savings option
Quick Take
Security Bank & Trust offers a Regular Savings account that is great if you are looking to start your savings journey or an emergency fund.
Show Pros, Cons and More
Hide Pros, Cons and More
Security Bank & Trust CD Accounts
Security Bank & Trust offers term rates ranging from three months to five years, as well as varied APY options. Here are some pros and cons to consider when opening a CD with Security Bank & Trust:Â
- You can earn over APY on a 6-month CD if you open the account with $10,000 or more.
- There is a 39-month Bump Up CD option which allows you to change the interest rate on this certificate once during the term
- You may make an additional deposit to your account during the 10-calendar day grace period after maturity.
- For a CDs of less than 12 months, a penalty of 3 months interest may be imposed as an early withdrawal penalty.
- For CDS of 24 months and greater, a penalty of 12 months interest may be imposed as an early withdrawal penalty.
Best For
Banking in Minnesota
Mobile App
Low Monthly Fees
Credit Cards
Loan Options
High APY on 6-Month CD
Security Bank & Trust’s CD accounts offer competitive rates, including a Bump Up CD option and a high 6-month APY for larger deposits.
Fees
No monthly service fee
APY
Min Opening
$1,000
Pros
- APY on a 6-month CDÂ
- Bump Up CD option available
Cons
- Requires good/excellent credit
- No bonus offer
Quick Take
Security Bank & Trust offers some reasonably competitive rates on interest rate tiers which allows you to increase your earnings when you increase your balances.Â
Show Pros, Cons and More
Hide Pros, Cons and More
Security Bank & Trust Money Market Accounts
Money market accounts are available through Security either through the regular option or the Private Wealth Money Market account. It’s good to know there’s an option to earn more on your investment at varying savings levels, but there are still some benefits and drawbacks to consider.
- Though the Private Wealth Money Market account requires an opening deposit of $100,000, the daily minimum balance requirement is only $2,500.
- The standard Money Market account has a relatively low daily balance and opening deposit requirement of $2,500.
- There is a $10 service charge per statement cycle if the daily balance falls below $2,500 on the regular Money Market account.
- To get best interest rate, you need to open a Private Wealth Money Market account which requires a minimum opening balance of $100,000.
Best For
Banking in Minnesota
Mobile App
Low Monthly Fees
Credit Cards
Loan Options
Flexible Money Market Account Options
Security Bank & Trust offers money market accounts with competitive earning potential, including a low balance option and a Private Wealth account.
Fees
$10
APY
Min Opening
$0
Pros
- Relatively low $2,500 minimum balance on the Private Wealth Money Market account
- Low daily balance requirement on standard money market account
Cons
- $10 service charge if daily balance requirements aren’t met
- High minimum opening balance
Quick Take
To qualify for the Private Wealth Money Market Account, it will require a lot of funding so it may not be for everyone.
Show Pros, Cons and More
Hide Pros, Cons and More
Banking Experience
Security Bank & Trust Co. has a highly rated mobile banking app with a 4.8-star rating on the App Store and 4.4-star rating on Google Play. Not only do you have a wide range of banking products, both online and in-person if you live in Minnesota, but you would also have access to personal loans and mortgages and business accounts from a local bank that supports you and your community.Â
How Does Security Bank & Trust Compare?
If you live in Minnesota, chances are there is no shortage of options when it comes to banks, credit unions or other financial institutions. However, to get the best fit for your finances, make sure you research what your unique situation calls for, and not just the biggest bank around. Here are some leading competitors to compare with Security Bank & Trust Co.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $10
Range from $3-$10, but can be waived.
Up to $6.95, which is waivable
APY
APY
APY
N/A
to
Min Opening
Min Opening
Min Opening
$50 to $2,500
$100
$25
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $10
$4 for customers over 21 years old
No monthly service fee
APY
APY
APY
Up to
Up to
Min Opening
Min Opening
Min Opening
$0 to $50
$50
$25
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
No monthly service fee
No monthly service fee
APY
APY
APY
to
Up to
Min Opening
Min Opening
Min Opening
$1,000
$500
$500
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$10
Waivable $12 monthly service charge
$10, waivable
APY
APY
APY
Up to
Up to
Min Opening
Min Opening
Min Opening
$0
$0
$100
Security Bank & Trust vs. Bremer BankÂ
Though Bremer Bank is a gold winner in GOBankingRates Best Banks of Minnesota, it doesn’t mean it always outranks Security. This is especially true when it comes to mobile banking as Bremer Bank only has a 3.7-star rating on Google Play compared to Security’s 4.4-star rating. If you mainly do your transactions from your phone this is definitely something to consider.Â
Security Bank & Trust vs. U.S. Bank
U.S. Bank brought in the silver for Minnesota in GOBankingRates’ Best Banks by State 2025. This is a good option if you want a variety of account options, convenient locations and a highly rated mobile banking app. Though Security Bank and Trust may provide more personalized customer service, U.S. Bank will also cover you outside of Minnesota.
Security Bank & Trust vs. First Citizens Bank
Before you submit your application to open an account with Security, make sure you check out First Citizens Bank, as it is another prevalent and convenient option in Minnesota. It’s a full-service bank that has a large variety of products and services including checking accounts, savings accounts, CDs, credit cards, mortgages and other loans, investment accounts and insurance. This could be the one-stop shop you’re looking for when it comes to banking.
Final Take
The bottom line is that this bank is best for those looking for convenient and customized service in the state of Minnesota. In fact, out of all the banks available in the state, GOBankingRates gave Security Bank & Trust Co. the Bronze for Best Bank by State, which essentially ranks it third in the state based on account offerings, customer service and more. If you live in Minnesota, this may have all the options to cover your banking needs.Â
Security Bank & Trust FAQ
- Are Security Bank and Security Bank and Trust Company the same?
- Though Security Bank & Trust Co. is specific to Minnesota, there are some other Security Banks across the country so make sure you double-check when researching which account to open. For this review, GOBankingRates is referring to Security Bank & Trust Co.
- Does Security Bank charge an annual fee?
- No, Security Bank & Trust Co. does not charge an annual fee, but some of the bank accounts may come with a monthly maintenance or service fee if the daily minimum balance requirement is not meant.
- What types of accounts does Security Bank and Trust offer?
- Security Bank & Trust offers a variety of banking services and products such as checking, savings, CDs and money market accounts as well as personal loans and business account options.
- What is the ATM network for Security Bank and Trust customers?
- Not only does Security offer 21 Minnesota locations it is also on the MoneyPass® network, giving you surcharge-free access to over 33,000 ATMs nationwide.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 10, 2024.Â
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 18, 2024. To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
